Export of oilmeals up by 38% during April-Oct

An over 100 per cent increase in the export of rapeseed meal helped India to record a growth of around 38 per cent in the overall export of oilmeals during April-October of FY23.

According to the Solvent Extractors’ Association of India (SEA), the country exported 19.84 lakh tonnes (lt) of oilmeals during April-October of 2022-23 against 14.33 lt in the corresponding period of FY22, recording a growth of 38.43 per cent.

The country exported 2.13 lt of oilmeals during October 2022 against 1.57 lt in October 2021, registering a growth of 35.26 per cent.

BV Mehta, Executive Director of SEA of India, said the export of rapeseed meal stood at 13.41 lt during the first seven months of FY23 against 6.58 lt in April-October of 2021-22. With this, the export of rapeseed meals achieved a growth of 103.85 per cent.

Record crop, crushing

He attributed this growth to a record crop of rapeseed and crushing. This resulted in the highest processing and availability of rapeseed meal for export.

He said India is the most competitive supplier of rapeseed meals to South Korea, Vietnam, Thailand, and other Far East Countries at $295 a tonne (FOB). The current price of rapeseed meal (FOB Hamburg) is quoted at $363 a tonne.

Soyameal falls

Export of soyabean meal from India stood at 1.62 lt during April-October of FY23 against 1.76 lt in the corresponding period of FY22, recording a decline of 7.92 per cent.

Mehta said India was out-priced in the international market till last month. However, with the fall in local soyabean price to the level of ₹5,700-5,800 a quintal, the current price of soyabean meal (FOB Kandla) is quoted at $532 a tonne (from the highest level of $888 a tonne in March) and soyabean meal (ex-Rotterdam) is quoted at $525 a tonne.

India exported 40,196 tonnes of soyabean meal in October 2022 against 13,718 tonnes in September 2022, recording a growth of 193.02 per cent.

There is a likely little fall in international soyabean meal prices due to higher crushing, resulting in ample supplies of soyabean meal in the international market. Expected good Indian soyabean crop in the current kharif season with substantial carry forward and crushing will also add to this.

He said the export of soyabean meal from India will be picking up and is expected to rapidly increase in the coming months. The Indian soyabean meal has also the advantage of being non-GM variety and preferred in certain European Countries.

Export of ricebran extraction from India decreased to 2.81 lt during the first seven months of FY23 from 4.01 lt in the corresponding period of FY22, registering a decline of 29.95 per cent.

India exported 1.89 lt of castorseed meal during April-October of 2022-23 against 1.96 lt in the corresponding period of the previous fiscal, recording a decline of 3.36 per cent.

Top importers during April-October FY23

South Korea imported 5.60 lt of oilmeals (3.73 lt in 2021-22) from India. This included 4.17 lt of rapeseed meal, 1.23 lt of castorseed meal, and 19,931 tonnes of soyabean meal.

Vietnam imported 3.67 lt of oilmeals (3.39 lt, which included 1.94 lt of rice bran extraction, 1.63 lt of rapeseed meal, 6,719 tonnes of soyabean meal, and 1,999 tonnes of groundnut meal.

Thailand imported 3.90 lt of oilmeals (1.37 lt) from India. This included 3.87 lt of rapeseed meal, 1,378 tonnes of soyabean meal, and 799 tonnes of groundnut meal.

Bangladesh imported 2.02 lt of oilmeals (2.40 lt), which This included 40,951 tonnes of ricebran extraction and 1.61 lt of rapeseed meal.

Taiwan imported 72,086 tonnes of oilmeals (57,271 tonnes), which included 48,129 tonnes of castorseed meal, 19,414 tonnes of rapeseed meal, 3,489 tonnes of groundnut meal, and 1,054 tonnes of soyabean meal.

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